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Current and Future Central Bank Digital Currency (CBDC) Projects
Open accessAbstract
Central Bank Digital Currencies (CBDCs) are monetary projects of digital public money at different stages of development, whose issuance corresponds to central banks. It is a digital representation of money with fiat currency’s legal nature. Still, like cash, and unlike electronic bank money, it has the guarantee of a central bank and not a deposit guarantee fund. This means that the monetary authority is responsible for the conditions of its issuance, distribution and value, as well as the network or infrastructure that supports its operation and possible programmability, whether retail (rCBDC) or wholesale (wCBDC). Among the most important examples of CBDC projects are the Chinese digital yuan and the digital euro, the latter still undergoing the study (or preparation) phase by the European Central Bank. The objective of this paper is to carry out a conceptual and comparative study on the development of these and other CBDC projects, providing a regulatory analysis of the consequences that the implementation of this new monetary and technological reality will bring to the banking system, as well as the impact that these digital currencies have on the banking market, the protection of users and their relationship with the rest of the Fintech environment. It will also discuss some of the initiatives taking place at the international level, such as the projects within the BIS Innovation Hub to address different issues that will define the final configuration of CBDCs in the near future.
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“CBDCs classified as 'digital M0' establish them as direct, risk-free central bank liabilities, enhancing stability and credibility”
From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Sanz Bayón, 2025, pp. 309-347
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Sorted by citations
From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law
Zatti, F. (2025) · Strani pravni život · doi:10.56461/spz_25402kj
Metadata
- Authors
- Sanz Bayón, P.
- Venue
- Law, Governance and Technology Series
- Publisher
- Springer Nature Switzerland
- Published
- 2025
- Pages
- 309-347
- ISSN
- 2352-1902 (ISSN-L)
- 2352-1910
- OpenAlex
- W4406239663
- Cited by
- 8
- References
- 2
- Citations by year
- 2026: 5 · 2025: 3
- FWCI
- 15.22
- Type
- book chapter
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Law, governance and technology series (publishedVersion, cc-by)
- Topics
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Keywords
- central bank digital currency, digital yuan, digital euro, retail CBDC, wholesale CBDC, CBDC regulation, user protection, fintech, legal nature of money, central bank liabilities
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